Johnson & Johnson posted third-quarter results above forecasts and lifted its full-year outlook, helped by strong Tremfya sales. Medical-device growth was weaker, with the Middle East conflict and other overseas issues weighing on results.
01Summary
- 01J&J reported third-quarter revenue of $25.4 billion, above the $25.28 billion analysts expected, and adjusted earnings of $2.59 per share versus forecasts of $2.54.
- 02Pharmaceutical sales rose 7.7% to $16.76 billion, while medical technology sales increased 2.5% to $8.6 billion and were essentially flat outside the US.
- 03Chief financial officer Joe Wolk said the Middle East conflict, austerity measures in Europe and pricing in China continued to weigh on international results.
- 04Tremfya sales jumped 68% to $2.4 billion, while Stelara sales fell 54% to $716 million and Darzalex sales rose about 16% to $4.24 billion.
- 05J&J raised its full-year sales forecast to about $101.2 billion at the midpoint and lifted its adjusted earnings outlook to a midpoint of $11.10 per share.
02Why it matters
The results show J&J can still beat expectations, but they also highlight pressure on its medical-device business in overseas markets. Investors will be watching whether the stronger drug sales can keep offsetting weaker international demand.
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